Coin Selling Advice

Understanding the options available to you for
coin selling and executing them effectively will net you the most cash
for your coins.

Wouldn't it be a shame to sell a valuable coin for, say, 40% of its
worth, when had you known a little more, you could have gotten a full
price? Please read on.

Before you can become a successful coin seller,
however, it is critical to get familiar with some of the essentials
underlying the hobby. Thus, the first section below introduces a
few basic guidelines and advice to set the stage.

After we finish walking through the guidelines,
we delve into the some of the options you have for
coin selling: marketing coins on the Internet, approaching coin
dealers, coin auctions, and more.

Look at the upper right
hand corner of this page. There is a button called "Coin
Selling Tools HERE", which if clicked, opens a new window
showing additional links to places designed to complement the
info on this page about coin selling.

The links in the box below outline the material presented in our coin
selling advice section.

Selling your US coins shouldn’t be a problem,
assuming you own coins of marketable quality. (See our Bullish
US Coins and Coin
Value Tables sections for selecting high demand coins and our Coin
Buying page
for advice on where to find them. The key date recommendations in the US
Coin Types pages also highlights outstanding coins). There are many
potential coin buyers
out there, but let’s first talk about some basic guidelines. By taking
them to heart, you will increase the chances of selling coins on your
terms. Then we'll follow up with some of the best selling options
available to you.

Learn to grade coins. Grading
accurately is essential to success in all aspects of the coin hobby.
Moreover, as an honest coin seller, you must properly describe your
coins to prospective buyers, utilizing numismatic jargon where applicable. After you've
gained some confidence in coin grading, pay attention to how the pros
describe their coins. Meander over to eBay
or any other fine coin selling
sites to get a feel for the adjectives used, key explanatory phrases,
etc. With some practice, you too will be writing good, accurate
descriptions.

Keep up with the latest news. Market trends, coin price
guides, Mint releases, upcoming
big auctions, etc., are followed closely by avid collectors. Not
surprisingly, these
are the folks reaping the biggest benefits from collecting coins. Coin
forums and coins news sites are excellent places to stay
informed. As mentioned above, subscribing
to quality coin
periodicals is also an effective method
for staying informed on the latest developments. Most of the
periodicals have online versions of the mail outs, so you won't have
wait on the mailman to get "hot off the press" news.

Become a student of numismatics. If you’re just starting
out, spend most of your time at first getting acquainted with coins.
Read, attend coin shows, and absorb knowledge
from coin experts. The fact that you
are visiting this website indicates you are well on your way to
becoming a numismatic scholar yourself someday!

Stay in touch with the coin market. Take note of what
direction the market is headed, particularly for any coins you are
ready to sell. Have a realistic idea of what your coins are worth. If
the market is strong, but getting stronger, holding off for a while may
improve your bottom line. Conversely, a weak environment signals that
you should refrain from selling, if possible. Coin values and current
market trends are regularly analyzed in Coin World and Numismatic News, two of the most
popular hobby
periodicals. Of course, you can go to our current Numismatic
Coin Value section to get a good idea of a coin is selling for
these days in the retail market. What's more, our historic Coin
Value Tables not only can help you estimate what a coin is worth
today, but depicts long range value trends, a good indicator of what to
expect in terms of future performance.

It's easier to sell certified coins.
In nearly all circumstances, certified
coins are more liquid than non-certified. No need to certify the
non-expensive stuff, but anything valued at, say, over $200 is probably
worth the cost of doing so. Two of the oldest, most highly regarded
coin certification/grading companies are Professional
Coin Grading Services and Numismatic
Guaranty Corporation.
Also widely known and respected are Independent Coin Grading Company,
and ANACS.
You can buy and
sell with reasonable confidence if a coin has been graded and
encapsulated by one of these four services.

Do not expect quick profits. Well chosen US coins will
advance steadily in value over the long haul,
but don’t expect to turn a profit in a few months, or even a couple of
years. Temper your expectation levels.

Maintain records of all your sales. What, When, Where, and
How Much. This goes for both buying and selling. We guarantee you that
sooner or later you’ll be glad you kept this information. You may be
required to pay taxes on profit realized from the sale of your coins.
The IRS will assume you made the biggest profit possible (to increase
your tax due) if you cannot prove your actual gain.

In the opinion of many collectors, coin selling
is generally not as fun as coin buying. Fortunately, with all the
avenues available today for the coin seller, it needn’t be a
frustrating experience. If you own Bullish
US coins
to start with, observe these common sense guidelines, and become adept
at one or more of the coin selling options described below, you should
have no trouble finding an eager buyer.

At any given moment in time, hundreds of
thousands of US coins are being auctioned off on eBay.
The "Buy it Now" eBay feature is also quite popular, whereby sellers
set a price, and if someone meets it, the item is instantly sold. Yes,
there is a lot of competition, but the coin buying traffic on eBay is
immense and motivated. The acceptance of transacting business online,
most notably through eBay, has improved the liquidity of collectible
coins, which in turn is partly responsible for the strong coin market
we’ve witnessed ever since Internet usage became widespread. eBay
is fast, convenient, and a powerful apparatus for the coin selling
collector.

A big advantage of coin selling on eBay is that
you have a good potential for realizing better prices than the
wholesale amount you’d have to settle for if selling to a dealer. This
is especially true if you are attempting to sell a coin on the Bullish
US Coins list or have utilized the Coin
Value Tables to identify other coins of proven high demand. Also,
eBay charges relatively small fees for access to their tremendously
popular website. Here are a few basic points to keep in mind when
selling coins on eBay:

Make sure you understand the
selling rules.
The best way we know of to get familiar quickly with all things eBay,
including selling, is to invest a little time at the eBay
University Learning Center. You should not list your first coin
until after you have taken the excellent tutorial on selling,
where the essentials of eBay selling are laid out in simple terms.

As a seller, potential buyers are carefully scrutinizing your
Feedback Rating. If you have not yet established a Feedback Rating,
you really ought to generate some positive feedback for yourself by
purchasing a few items, not necessarily coins, before putting your
coins up for sale.

Do not bother to list your coins without a good photo or scan.
Would you bid on a coin without at least seeing a good photo
of both the obverse and reverse? Can you expect potential buyers to
think otherwise?

Buyers are more confident bidding on
certified coins. If you estimate a coin to be worth more than $200,
it's a good idea to get it certified using one of the better respected
grading services mentioned above in the Guidelines
section.

Set terms for your sale. This includes return policy,
acceptable methods of receiving payments, shipping and handling fees,
and more. If you're clueless where to start, observe how some of the
eBay "Power Sellers" of coins do it.

Get signed up to accept payment through PayPal. Buyers
love the security and convenience of transferring money for purchased
online merchandise via PayPal. They'll nick you for a small fee, but
having the Paypal logo displayed on your auction will likely result in
more bids. PayPal benefits not only the buyer, but also you, the
seller. Buyers can send funds to you from their PayPal account reserve.
They can also pay with a credit card through PayPal, whether they
have a PayPal account or not.

Also, we suggest you read our
Coin Buying section, where, nestled in with other topics, we lay
out a few pointers on the purchase of coins on eBay. Understanding what
prospective buyers are thinking will help you to become a better seller.

Some eBay coin selling folks are a bunch more
successful than others. If your goal is to become one of them, we
recommend reading eBay For Dummies, written by eBay expert Marsha
Collier. This is a straight-forward “how-to” manual in the typical
"Dummies" style, to get you started selling (and buying too, for that
matter) effectively on eBay. It is justifiably one of the hottest
selling books about the eBay. Collier's affordable book demystifies any
trepidation you might have over tapping into the Web's #1 auction site.

We also like eBay
the Smart Way, by Joseph Sinclair. Readers of this
book are taught step-by-step how to prepare eye-grabbing listings, and
introduces the little and big things you must do to establish a high
level of credibility within the eBay community. Actually, there are
plenty of other good books on eBay selling at Amazon, too.

While eBay is still the 800 pound gorilla in the
room, Amazon dove into coin buying and selling in May 2014. Anytime an
organization with the platform the size of Amazon's starts doing
something, people in the business take heed.

With about 60,000 United States coin listings available at any
time, Amazon is already a player in numismatic activity. In addition to
major coin dealers, everyday collectors can liquidate their coins on
Amazon Collectible Coins. It is not necessary to be one of the big guys
to list a coin on Amazon. If you're not already an Amazon seller, you
need to get signed
up.

If you have a coin priced anywhere from 50 cents to $1 million, you
will fit right in.

When it comes to coin auctions on the Internet,
eBay isn't the only game in town. Some of the biggest names in
numismatics sponsor live auctions for traditional "in person" buyers,
with Internet accessibility for bidders who wish to participate
remotely, either live or in advance. A few coin auction companies
operate solely over the Internet.

These auction houses are not shy about promoting their events to
attract buyers, spending gobs of dough on advertising and producing
classy, beautiful sales catalogs. Their interactive websites cost a lot
to develop and maintain, but potential buyers worldwide can peruse
online catalogs at their leisure long before the auction date, and with
the click of a mouse, place bids at will. All this helps to intensify
the competition for your consigned coins.

It all sounds exciting (and it is), but the big auction venue is not
for everyone. Contemplate the key points below before deciding if this
is a viable coin selling option for you.

Expect to pay up to an 18%
commission. As you might have guessed, it's expensive to publicize
and conduct a worldwide, high class coin auction. Naturally, seller
commissions is how the auction company keeps things going, and the cost
to the coin seller can be substantial. The trade off, of course, is
that you can get top dollar for your coins.

Be ready to meet the consignment deadline. The auction
house must have all consignments turned in by a deadline, so plan
accordingly. The deadline might be as much as 30 to 60 days before
exceptionally big sales. Time is needed to prepare for the auction.
This includes, but not limited to, develop promotional materials,
advertise, organize a catalog, and printing press lead time.

Not every coin will be accepted. Common date coins in
conditions below the highest tier of
grades generate little excitement on the bidding floor of the
larger, better known firms. People with lots of money to spend
are heavily involved in the buying. In this environment, coins bringing
four, five, or six figures are commonplace. Every now and then, we see
a million dollar coin exchange hands. If your coins cannot bring in at
least a few hundred dollars, don't be surprised if your consignment
attempt is politely refused. Also, some of the auction houses set
consignment package minimums ($2500 is not unusual). If you're not sure
if the coins you have will fit in, by all means, ask the auction
company. They have account reps who are there to guide potential
consignors.

Rare stuff gets bidders jumping out of their chairs. If
you had the wisdom to acquire rare coins earlier in your numismatic
career, you're sure to benefit from spirited bidding. You'll most
likely be rewarded for your foresight by receiving a handsome price at
auction, and other than submitting the consignment and paying the
seller commission, you won't even have to lift a finger to get it done.

Who are some of the best auction companies selling coins on
the Internet? As a service to our readers, the auction companies we
think are some of the best are mentioned below. By no means is this
list fully complete, but its a very good starting point for collectors
with valuable coins to consign.

Don't consign your coins over to just any
auction house. Does the
company have expertise in numismatics? Do their sale catalogs and
Internet presence appear professional? Get a copy of their consignment
rules, and read all the fine print. If you still have questions, ask a
coin dealer or experienced coin collector for an opinion. Red Flag
Warning: If the company name is not recognizable to veteran
numismatists, what are the odds that bidders know who they are, either?

Some collectors sell their coins at relatively
small public gatherings, complete with live auctioneer and gavel. Under
this scenario, owners consign their coins to an auctioneer, who in turn
lists the coins on the sales bill of an upcoming event. Unless you live
in a remote wilderness, the chances are good that an auction of this
type will be held in a nearby community sometime soon.

Community coin auctions are usually
publicized in local newspapers. Check the local newspaper about
once a week to stay informed on upcoming sales. Don't be
surprised if your coin has to share the stage with bicycles and lawn
mowers also in the sale.

Most of the coins sold in community auctions are less
expensive. Mega dollar material crossing the block at the worldwide
Internet sales is routine. At community auctions, many coins sell for
under $50. For many hobbyists, this is an appropriate venue.

Expect to pay a commission of up to 25%. That's the going
rate charged by many auctioneers. Still, if your coins sell at fairly
close to retail value, you'll come out ahead compared to outright
wholesale. Be sure you understand the Terms & Conditions and
reserve rules.

Community auctions also hold the promise of
getting you acquainted with
other coin enthusiasts in your area. These contacts can work to
your benefit as you seek to purchase and sell other coins in the
future. The importance of developing new friendships is something
not to be overlooked either.

Coin dealers, large and small, replenish their
stock, in part, by purchasing coins from collectors wanting to sell. If
you're in the mind to sell some coins, one possible buyer is a local
coin dealer. You can find them listed in the Yellow Pages. This may be
the fastest, easiest option for liquidating your coins. However, there
are a few facts you should be mindful of before you approach a local
dealer to ask for an offer on your coin:

Coin dealers are in business to
make a profit. Numismatics is their chosen profession, so they are
certainly entitled to one. Like other businessmen, coin dealers have
numerous overhead expenses, including salaries to employees, rent,
taxes, advertising, insurance, travel, and many other miscellaneous
items. Around 60% percent of the retail value of a coin is the what
dealers might offer, if anything at all. The percentage can vary
depending on what the dealer already has in stock, his cash position at
the moment, and how quickly he can "turn" the coin. It never
hurts to stop in for a friendly chat with a local dealer, but do not
expect him to pay close to retail for your coin. Indeed, buying coins
at wholesale is central to his survival.

Local dealers usually have a small customer base. The
typical "mom and pop" coin dealer does not have access to a large base
of customers. He cannot add to his inventory just any collectible coin
that comes his way. If he thinks the coin will take a while to find a
buyer, he may make a low ball offer or none at all. Slow selling coins
are the dread of smaller coin dealers. It means having capital tied up
while the coin lies idle; they cannot buy other coins or pay expenses
with the money already spent for the idle coin. Don't take the
rejection personally if it happens to you.

Make it as easy as possible for the dealer to make an offer.
If you have a lot of coins to sell, be sure to have them organized and
inventoried on paper, including coin type, date, mintmark, grade, and
how many of each. Be friendly, but at the same time convey the
impression that you're serious about doing business. It can help
negotiate a fair deal quicker.

Most dealers are honest, forthright
professionals committed to helping their customers maximize enjoyment
from the coin collecting hobby, but before selling your coins to them
at wholesale, be sure to give some thought to the other options
available to you for selling your coins.

There are at least a hundred very fine U.S. coin
dealers scattered across the nation who have online ordering websites
and mail order businesses. Most of them do a much greater volume
of selling than the average local coin dealer. Almost all of them are
interested in acquiring collectible coins from the public, buying at
wholesale and selling at retail. It's not necessary to have great
rarities to get their attention; most of their clients are hobbyists
whose tastes span the full coin pricing gamut, and they replenish their
stock accordingly.

Here are a few things to think about when considering wholesaling to an
online dealer:

Online coin dealers will buy a wide
range of collections. Because they usually have a large customer
base, they can justify purchase of just about any group of coins with
collectible value, in both large and small quantities. Whether
you have coins to sell by the handful or the bucket, they're ready to
talk. Be aware that some dealers don't want you to send them a package
of coins worth less than a certain amount (perhaps $100-$200).

Follow the dealer's instructions. Chances are the dealer
has instructions for mailing your coins to them for an offer.
Follow them from the get-go to increase the chances of a smooth sale.
Drop them an email beforehand if you have any doubts.

Do not overestimate the value of your coins. You would not
want to pay a "Very Good" price for a "Good" coin, so why should anyone
else feel differently? Be realistic in your expectations, and don't
waste your time or theirs.

Remember, you are selling at wholesale. You can expect to
get paid only about 60-70% of a coin's retail value when selling at
wholesale, sometimes more and sometimes less, depending upon the
dealer's stock situation and customer demand. The nice thing is
that you have a check in your hand with fairly minimal effort.

Working with a reputable company is essential. You will be
vulnerable while the dealer has your coins in his possession under
review. At the very least, check first to see if the dealer is a member
of the American Numismatic Association or the Professional Numismatist Guild. These
organizations have standards
of behavior their members are expected to adhere to.

Many of the better online dealers advertise in coin
periodicals. Pick up any copy of Coin World or Numismatic News and you'll see lots
of online dealer advertising. Some
dealers have been running ads in these periodicals for many years,
dating back to the pre-Internet days, when they did most of their
business through snail mail only. A possible advantage of wholesaling
to one of these advertising dealers is that if you believe you were
treated unfairly and cannot negotiate a fair solution, you can inform
the publisher of the magazine where you found the advertisement. The
reputation of the publisher could be on the line, so they won’t
hesitate to exert pressure on the company to rectify the situation, if
warranted. Fortunately, this problem rarely occurs.

Another
good thing about being a coin collector in the internet age is that
there are plenty of places where disgruntled customers can vent. Coin
forums
and consumer research boards will attract commentary regarding shady
coin dealers. Sure, there are some people who will complain about
anything, but if the same dealers are consistently blacklisted across
numerous review sites by many different coin collectors, that should be
a red flag warning to stay clear of their questionable practices.

If you’ve got highly merchandisable coins (see Bullish
US Coins or Coin
Value Tables) coin shows are fine for obtaining competing offers
relatively fast from multiple dealers. Here are few thoughts to keep in
mind as you approach the coin dealer table to request an offer:

Be organized and well prepared
when you approach a
dealer's table. Know what you have and provide a detailed inventory on
paper. Coin type, date, mintmark, condition, and quantity is what
the dealer wants to know. In a busy coin show setting, you'll win
instant respect if you display a businesslike demeanor.

Dealers do some of their most important business at coin shows
and cannot allow themselves to get bogged down over a bag full of
common date wheat pennies. As coin collectors, we have to remind
ourselves that dealers are entrepreneurs first and foremost, and
because of this, we should respect their time.

Be polite and friendly. A smile will likely engender
reciprocal behavior, making it easier to cut a deal. If a coin dealer
is a grouch, pick up your belongings and skedaddle. There are too many
friendly coin dealers eager and deserving of your business, so why
waste time on a sour face?

Information about upcoming coin shows is found
online at many places, including Coinshows and Numismaster. Check out magazines
such as Coin World and Numismatic News,
as they too publish dates, times, and places for most coin shows held
in the United States.

Coin clubs, in general, seem to be enjoying a
resurgence in popularity, even as new technology provides coin hunters
with other means of finding desirable acquisitions. Chances are
good there is an active coin club not far from you.

Coin clubs are great for selling
coins in person to other
collectors. With no commissions or fees to pay, you can afford to
sell or trade to other coin club members and still come out ahead.

Some clubs are highly specialized. This is great if you
specialize in a certain numismatic area and wish to associate with
collectors of the same mindset. These days, thanks to the Internet, you
can participate in a coin club from a remote distance. An example of a
specialty club is Early American Coppers.

If you’re the personality type who enjoys the
camaraderie of others
with similar interests and are open to learning new things, then maybe
joining a coin club is the thing for you!

Lately, the Rare Coin Values Index is behaving like it thinks its the Dow Jones. That would be an exaggeration of course, because the Index is not climbing at THAT meteoric pace, but it has now closed…